The foundation awarded scholarships to 5 students with the total amount of $5000.00 in the first year of 1988. Since then the scholarship has been growing consistantly year over year. The total recipients by year 2021 are 3,460 students, and the total amount contributed to the scholarship is $5,797.000. The foundation provided scholarships to students in South Korea during the financial crises. The foundaton also funded 10 Korean-Chinese students each year in China during 2001-2008. The foundation started to give scholarship to black and hispanic students to improve racial harmony since 2013. The foundation has been one of the largest and oldest scholarship foundations in the United States for the Korean community.
The Korea Daily in San Francisco hosted all of the scholarship events until 1998. From year 1999 The Korea Daily in LA also hosted scholarship events for Southern California students along with The Korea Daily in SF. Reputable judges were selected from the Korean community. From the year 2008 Kimbo Scholorship offers nationwide coverage through The Korea Daily's 6 branches including LA, SF, NY, Chicago, Atlanta and Washington D.C.. This extended coverage intends to find students nationwide who show outstanding academic achievements and who are in financial need.